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REAL ESTATE

Saudi developer Umm Al Qura names new CEO
September 19, 2019

Umm Al Qura for Development and Construction, a major Saudi group involved in the development projects in and around Makkah, has announced the appointment of Yasser Abuateek as its new chief executive officer.

An industry veteran, Abuateek has more than 20 years of expertise in the financial and real estate sectors and is the founder of a major real estate company in the kingdom. In addition, he has vast experience in corporate and retail banking sector....

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DAMAC Awarded ‘Property Developer of the Year’ in 2019 International Business Magazine Awards
September 19, 2019

DAMAC Properties, a leading luxury real estate developer in the region, has been recently awarded the ‘Property Developer of the Year UAE 2019’ at the International Business Magazine Awards.

The International Business Magazine Awards was designed and developed to recognise exceptional work globally and across industry sectors. The judging panel, comprised of experienced professionals"...

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Saudi contracts rise 101% to $30 billion in H1 2019
September 18, 2019

JEDDAH — Contracts worth $17.2 billion (SR64.3 billion) were awarded in Saudi Arabia during Q2 2019 – marking a 32% hike over Q1 2019 figures – with H1 2019 contract awards in Saudi Arabia valued at $30.2 billion (SR113.2 billion), 101% higher than H1 2018 figures, according to US-Saudi Arabian Business Council’s (USSABC) Contract Awards Index for the second quarter of 2019, which found that the oil and gas segment led all sectors with contract"...

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Saudi construction giant launches new unit to boost sales
September 18, 2019

Jabal Omar Development Company, one of the largest listed companies in the Saudi stock market (Tadawul), has announced the launch of Aliyat, a subsidiary specialised in real estate marketing, sales and facility management.

The company’s flagship project is a multi-use mega development within walking distance of the Grand Mosque, the most sacred place of worship for Muslims.

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Mabanee unit awards $1.6bn Saudi mall project contract
September 17, 2019

Shomoul Holding Company, a unit of Kuwaiti developer Mabanee, has awarded a design-and-build contract worth SR6.15 billion ($1.6 billion) for Phase One of its Avenues Riyadh project to Nesma and Partners Contracting.

The transaction for Phase One of the project - which includes the execution of the entire mall, parking, gardens, and internal roads - was felicitated through Shomoul Commercial Mall.

On completion, the commercial complex is"...

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3D printing creates foundation for Saudi construction boom
September 16, 2019

RIYADH: 3D printing is one of the technologies being used to transform the Kingdom’s construction sector, the Saudi Press Agency reported, as the government seeks to create jobs and homes for its citizens.

Saudi Arabia’s Vision 2030 reform plan wants to increase home ownership among nationals, and to increase the contribution of local firms to the construction sector. It also"...

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Shomoul Holding awards construction of SR6.15bn The Avenues-Riyadh project
September 16, 2019

RIYADH — Shomoul Commercial Company, a subsidiary of Shomoul Holding, announced awarding the first design and construction phase of The Avenues-Riyadh project to Nesma & Partners Contracting Company Ltd, in a $1.6-billion deal (SR6.15 billion).

The deal was initiated by a letter of intent valued at around $18 million (SR68 million) signed by Waleed Alsharian, CEO at Shomoul Holding; and Abdulaziz bin Ali Al-Turki, Chairman at Nesma & Partners"...

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Emirates Steel to unveil key product range at Saudi conference
September 15, 2019

Emirates Steel, the only integrated steel plant in the UAE and a subsidiary of the General Holding Corporation (SENAAT), is participating in the First Saudi International Iron & Steel Conference, of which it is its Rhodium Sponsor.

The conference, which runs from September 16 to 18, will bring leaders of"...

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Al Zahia Sets a New Benchmark by Launching Exclusive Residential Plots at “Orchid” With Direct Access to the Northern Emirates’ Biggest Mall
September 15, 2019

Sharjah Holding PJSC, a strategic partnership between Majid Al Futtaim Properties and Sharjah Asset Management, announced the launch of its newest neighbourhood – Orchid – offering buyers the opportunity to own a limited number of exclusive residential plots, ranging from 5,000 square feet to 12,000 square feet, with ready infrastructure at Sharjah’s premier lifestyle destination. This one-of-a-kind development with a direct connection to the Northern"...

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Alkhabeer Capital exits major Saudi investment fund
September 10, 2019

Alkhabeer Capital, a prominent Saudi-based asset management company, has announced that it has successfully exited “Alkhabeer Land Development Fund II”, achieving 44.6 per cent in net cumulative returns to its investors.

Headquartered in Jeddah, Alkhabeer Capital specialises in alternative investments"...

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